Advanced Electric Machines secures £16m in equity and loan funding
Existing shareholders backed the package alongside Innovate UK loan support, financing larger motor platforms and expanded manufacturing.
A financing package for the next production platform
Advanced Electric Machines secured £16 million in a package combining shareholder equity and loan support from Innovate UK. Existing backers Barclays Climate Ventures, PXN Ventures, Northstar Ventures and the Low Carbon Innovation Fund led the round, alongside new investors.
The financing backs a move into higher-power and higher-torque applications while building on motors already in production. Northstar deployed capital from its North East Innovation Fund and North East Spinout Inspire Fund. The package also supports manufacturing capability in Washington, UK, linking the next product platform to an established production operation.
Use of funds
Develop higher-power and higher-torque motor technology
Expand Washington manufacturing facilities and production capability